Philippine central bank cuts rates for first time in four years

MANILA -- The Philippine central bank decided to cut its key policy rate by 25 basis points during a policy meeting on Thursday, kicking off a much-awaited loosening cycle to support the economy.

The first rate cut since November 2020 came with market expectations coming in across a wide divide. According to a Reuters poll released on Tuesday, 13 of 24 economists projected the bank to stand pat, with the remainder expecting a rate cut.